The report “PAEK Market by Type (PEK, PEEK, PEKK), Fillers(Glass filled, Carbon filled, Unfilled),Application (Oil & gas, Electricals & Electronics, Automotive, Medical, Aerospace), Region (APAC, Europe, North America, South America, MEA) – Global Forecast to 2024″, The PAEK market is expected to grow from USD 851 million in 2019 to USD 1,149 million by 2024, at a CAGR of 6.2 % during the forecast period. The major factors driving the PAEK market include increasing demand in the medical industry, aerospace and automotive industries and the ability of PAEK to replace metals and other conventional materials in various applications.
PAEK is an advanced thermoplastic resin which has both ether and ketone linkages in its chains. It is semi-crystalline in nature with superior mechanical and dielectric properties. It also has high heat stability as compared to commodity plastics & engineering plastics and is used in high-end applications which require extreme temperatures. MarketsandMarkets expects the global PAEK market to grow from USD 851 million in 2019 to USD 1,149 million by 2024, at a Compound Annual Growth Rate (CAGR) of 6.2% during the forecast period. The major factors driving the PAEK market include increasing use in the medical, aerospace, electrical and electronics, automotive and oil and gas industry.
Among the different types of PAEK, PEEK is the fastest-growing segment of the market in 2018 and is likely to witness significant growth over the forecast period. The growth in this segment is attributed to its increasing use in various application such as oil and gas, electrical and electronics, aerospace, medical and automotive as it provides many characteristics to the manufacturing parts which include lightweight, strength or toughness and able to survive longer in harsh environments. These factors are expected to drive demand during the forecast period.
Among the different types of fillers, glass filled PAEK is the fastest-growing segment of the market in 2018 and is likely to witness significant growth over the forecast period. The increase in this segment is attributed to its increasing use in oil and gas industry and aerospace industry as it is suitable for use in parts which are exposed to high static loads over long periods in high-temperature conditions. It also provides extreme mechanical strength and stiffness combined with excellent dimensional stability. These factors are expected to drive demand during the forecast period.
Based on the application, oil and gas application is growing rapidly due to the growing demand for PAEK materials use in anti-wear tape, back-up ring, pipe & liner, seal, subsea connector, compressor, valve and others owing to to its excellent creep resistance, wear and chemical resistance under high pressure, high temperature conditions. These characteristics of PAEK increases the consistency of the oilfield equipment and thus extends the life of the equipment in the challenging oilfield environment. These factors are expected to drive the demand for PAEK in oil and gas application.
APAC is projected to be the fastest-growing market for PAEK and is expected to offer significant growth opportunities to the overall market during the forecast period. The growth of the APAC region can be attributed to rapidly increasing demand for PAEK from the end-use industries, especially electrical and electronics, aerospace, medical, automotive and oil and gas. Moreover, several PAEK manufacturers such as Victrex plc, Solvay S.A., and Evonik are setting up or expanding their manufacturing facilities in this region to leverage from the low manufacturing and labor costs and high demand from the end-user industries, thereby boosting the demand for PAEK in the region.